CSI has developed a program designed to stimulate inclusive economi...

May 25, 2016

CSI has developed a program designed to stimulate inclusive economic growth

This morning marked the launch of the Financial Inclusion Action Plan (FIAP) program, developed in partnership by Good Shepherd Microfinance, EY, the Australian Government and the Centre for Social Impact.

Eleven trailblazing organisations today unveiled their commitment to the new innovative program, which is designed to stimulate inclusive economic growth especially focused on women. According to the CEO of Good Shepherd Microfinance, Adam Mooney, the new Financial Inclusion Action Plan (FIAP) program will see coordinated, measurable actions to improve financial resilience for large numbers of people experiencing financial exclusion and hardship.

“We all want to be able to access and use financial services that are appropriate to our circumstances and improve our lives. Yet, there are three million people, or one in six adults, who are financially excluded in Australia,” said Adam Mooney. “The FIAP program invites organisations to turn good intentions into action that works by collaborating across sectors to improve financial inclusion for everyone."

The FIAP program was developed in consultation with an advisory group, Chaired by Ms Delia Rickard, Deputy Chair of the Australian Competition and Consumer Commission.

“Financial Inclusion Action Plans provide an opportunity for organisations to explore their current business operations and identify how they are taking action to realise financial inclusion through relationships, impact, learning and reporting,” she said.

“The 11 trailblazer organisations are the first among banks, energy companies, insurers, governments, universities, community organisations and others to commit to the program.

“Financial inclusion is a shared opportunity. By working collaboratively across business, community and government, Australia is taking great strides towards a more financially inclusive society,” said Delia Rickard.

Adam Mooney also said that increased financial inclusion was linked to improved gender equality and safer outcomes for women and their children.

“Building women’s financial resilience is good for everyone. Financially confident and resilient women create financially resilient families that are less likely to be victims of forms of family violence such as financial abuse.”

“FIAPs will give organisations the opportunity to take meaningful and significant actions towards systemic change, allowing greater access to their products and services and in turn promoting economic participation by women,” he said.

The cross sectoral approach of the FIAP program places Australia in a global leadership role with regards to its international commitments to the G20 and the Global Financial Inclusion Action Plan.

About the Partners

Good Shepherd Microfinance is the operational implementation partner with expertise in delivering inclusive finance programs. Good Shepherd Microfinance is a world leader in financial inclusion products, services and advisory. We offer fair and affordable financial programs to people on low incomes and advisory services with a global reach.

EY developed the quality assurance framework, ensuring the integrity of the implementation of actions within the FIAP program. EY is the most globally integrated professional services organisation. They are committed to building a better working world — with increased trust and confidence in business, sustainable growth, development of talent in all its forms, and greater collaboration.

The Centre for Social Impact developed the evaluation framework to evaluate the FIAP program and its impact. Centre for Social Impact (CSI) take a systems approach to developing innovative solutions to the biggest social challenges today, with a vision for a better Australia tomorrow. Through research, teaching, events and advocacy, CSI aims to ensure knowledge translates to impact.

Department of Social Services is the funding partner supporting the implementation of the FIAP program. The Department of Social Services aspires to be Australia’s pre-eminent social policy agency. Their mission is to improve the lifetime wellbeing of people and families in Australia.